MIRA INFORM REPORT

Report Date :

04.01.2014

IDENTIFICATION DETAILS

Name :	SIGNATURE LAMINATES PRIVATE LIMITED (w.e.f. 02.12.2011)
Formerly Known As :	HORIZONS LAM KRAFT PRIVATE LIMITED
Registered Office :	603, 6th Floor, Silicon Tower, Behind Samartheshwar Mahadev Mandir, Off: C. G. Road, Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.11.1999
Com. Reg. No.:	04-036896
Capital Investment / Paid-up Capital :	Rs. 9.490 Millions
CIN No.: [Company Identification No.]	U20103GJ1999PTC036896
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Decorative and Industrial Laminates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 219000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in profitability of the company. However, general financial position of the company seems to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength
Date	July 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. V N Narayan
Designation :	General Manager - Marketing
Contact No.:	91-7817085822/9328257953
Date :	04.12.2013

LOCATIONS

Registered Office :	603, 6th Floor, Silicon Tower, Behind Samartheshwar Mahadev Mandir, Off: C. G. Road, Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-30072551/ 2/ 3
	91-9328257955 (Mr. V N Narayan)
Fax No.:	91-79-30072554
E-Mail :	info@signaturelam.com vn_signature@ricmail.com
Website :	www.signaturelam.com
Location :	Owned
Factory :	246-247, Kanera Sarsa Road, Near Bareja, Opposite, IOC Depot, Village Kanera, District, Kheda, – 387540, Gujarat, India
Tel. No.:	91-2694-288710
Fax No.:	91-2694 -288711

DIRECTORS

As on : 30.09.2013

Name :

Mr. Nitinkumar Karsandas Patel

Designation :

Director

Address :

43/44, Navyug Colony, Bhulabhai Park, Ahmedabad – 380022, Gujarat, India

Date of Birth/Age :

04.12.1964

Date of Appointment :

15.12.2007

DIN No.:

00237655

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U20290GJ1992PTC017517	PREMIER PLY PVT LTD	Director	29-04-92	29-04-92	16-04-09	Active	NO
2	U45200GJ2006PTC047789	SANBLUE INFRASTRUCTURE PRIVATE LIMITED	Director	22-02-06	22-02-06	-	Active	NO
3	U45200GJ2006PTC047727	YASH ORGANISER PRIVATE LIMITED	Director	03-12-07	03-12-07	04-06-08	Active	NO
4	U20103GJ1999PTC036896	SIGNATURE LAMINATES PRIVATE LIMITED	Director	15-12-07	15-12-07	-	Active	NO
5	U65993GJ2007PTC052202	SANBLUE INVESTMENTS PRIVATE LIMITED	Director	01-05-08	01-05-08	-	Active	NO
6	U45200GJ2006PTC049043	SAYAGREEN INFRASTRUCTURE PRIVATE LIMITED	Director	27-12-08	27-12-08	-	Active	NO
7	U51502GJ2006PTC048733	SANBLUE TRADELINK PRIVATE LIMITED	Director	06-02-10	06-02-10	-	Active	NO

Name :

Mr. Chandulal Parbatbhai Patel

Designation :

Director

Address :

24 A, Mangal Park Society, Bhullabhai Park, Ahmedabad – 380022, Gujarat, India

Date of Birth/Age :

23.04.1960

Date of Appointment :

17.11.1999

DIN No.:

00744878

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2013

Names of Shareholders	No. of Shares
Chandulal Parbatbhai Patel	125000
Arun. K. Patel	10100
Bharatkumar. C. Patel	200
Bhavnaben. N. Patel	15100
Dineshbhai. K.Patel	18200
Gangaben L Patel	100
Geetaben. A. Patel	10100
Kanjibhai. T. Patel	18200
Karsanbhai M. Patel	100
Laljibhai. M. Patel	70100
Savitriben. H. Patel l	247588
Vinodkumar. C. Patel	200
Karsandas M. Patel HUF	20000
Laljibhai M Patel HUF	14000
Mavjibhai V Patel HUF	10000
Nitin K patel	186187
Rajesh. V. Patel	30000
Shaily Construction Private Limited, India	30000
Girish. P. Patel	2000
Jeetendra. T. Patel	100
Kokilaben. B. Jain	30000
Padmaben. R. Shah.	30000
Trilokchand. H. Jain HUF	20000
Laxmiben. N. Patel	100
Vinod. T. Patel HUF	100
Prahlad. L. Patel	100
Vinod. L. Patel	100
Babubhai. K. Patel	18210
Ishwarlal. A. Patel	18000
Tikoo Traders Private Limited, India	25000
Trendline Finance Private Limited, India	100
Jaikishan Gupta And Arpit Gupta	1
Jaikishan and Navin Gupta	1
Jaikishan and Sons (HUF)	1
Navin Gupta HUF	1
Jitendra J Agarwal	1
Usha J Gupta	1
Janki Developers Prop:Bhumi T. Parikh	1
Vimlaben P .Patel	1
Vivek K.Jodhani	1
LaljiBhai M.Patel	1
Jasodaben C.Patel	1
Paras M.Patel	2
Shantilal V.Patel	2
	0
Total	949000

As on : 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	5.80
Directors or relatives of Directors	38.63
Other top fifty shareholders	55.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Decorative and Industrial Laminates.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Karur Vysya Bank Limited, P. B. No.4093, Motilal Chambers, Near Sales India, Income Tax, Ashram Road, Navrangpura,, Ahmedabad - 380009, Gujarat, India

· Bank of Baroda

· The Amco Bank Limited

· Kotak Mahindra Prime Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from Banks
Loans from shareholders	47.475	31.318
SHORT TERM BORROWINGS
The Karur Vysya Bank	17.273	13.174
Total	64.748	44.492

Banking Relations :	--
Auditors :
Name :	DJNV and Company Chartered Accountant
Address :	58, White House, Panchavati Circle, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFK1133C

CAPITAL STRUCTURE

As on : 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions
	Total		Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
949000	Equity Shares	Rs.10/- each	Rs. 9.490 Millions
	Total		Rs. 9.490 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.490	9.490	9.490
(b) Reserves & Surplus	45.379	42.906	40.067
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	54.869	52.396	49.557
(3) Non-Current Liabilities
(a) long-term borrowings	47.475	31.318	26.940
(b) Deferred tax liabilities (Net)	2.790	3.004	3.092
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	50.265	34.322	30.032
(4) Current Liabilities
(a) Short term borrowings	17.273	13.174	8.529
(b) Trade payables	137.215	121.972	106.247
(c) Other current liabilities	9.207	11.850	5.321
(d) Short-term provisions	0.036	0.015	0.017
Total Current Liabilities (4)	163.731	147.011	120.114
TOTAL	268.865	233.729	199.703
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.739	25.205	23.656
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.851	0.752	0.752
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.600	25.967	24.418
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.382	90.202	69.316
(c) Trade receivables	118.535	110.657	99.718
(d) Cash and cash equivalents	4.153	2.869	2.617
(e) Short-term loans and advances	2.985	4.034	3.634
(f) Other current assets	0.210	0.000	0.000
Total Current Assets	244.265	207.762	175.285
TOTAL	268.865	233.729	199.703

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	245.977	259.510	257.908
		Other Income	1.608	1.750	0.656
		TOTAL (A)	247.585	261.260	258.564
Less	EXPENSES
		Cost of materials consumed
		Employees Benefits
		Other Expenses
		TOTAL (B)	233.883	248.609	247.701
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.702	12.650	10.863
Less	FINANCIAL EXPENSES (D)		6.626	5.319	4.185
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.076	7.331	6.678
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.491	3.181	2.810
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		3.585	4.150	3.868
Less	TAX (H)		1.113	1.311	0.157
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.472	2.839	3.711
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	35.760	12.395	19.158
	TOTAL EARNINGS		35.760	12.395	19.158
	IMPORTS
		Raw Materials	40.730	31.439	39.092
		Capital Goods	1.780	2.045	1.008
	TOTAL IMPORTS		42.510	33.484	40.100
	Earnings / (Loss) Per Share (Rs.)		2.61	2.99	3.91

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.100	1.09	1.44
Net Profit Margin (PBT/Sales)	(%)	1.46	1.60	1.50
Return on Total Assets (PBT/Total Assets}	(%)	1.33	1.78	1.94
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.08
Debt Equity Ratio (Total Debt/Networth)		1.18	0.85	0.72
Current Ratio (Current Asset/Current Liability)		1.49	1.41	1.46

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	---
22]	Litigations that the firm / promoter involved in	---
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL REVIEW :

During the year the company has achieved sales of Rs. 245.977 Millions (Previous Year of Rs. 259.510).Other income of Rs. 1.608 Millions (Previous Year of Rs.1.749 Millions). The Company has after making provision for depreciation of Rs.3.491 Millions (Previous Year Rs. 3.181 Millions) earned a gross profit before tax of Rs. 3.584 Millions (Previous Year of Rs. 4.150 Millions). The Company has after making provision of various taxes earned a net profit after tax of Rs. 2.472 Millions (Previous year of Rs. 2.839 Millions) which is carried to Balance Sheet for long term working capital fund strengthening purpose.

INDEX OF CHARGES :

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90107381	06/06/2005	4,819,000.00	THE KARUR VYSYA BANK LIMITED	Motilal Centre; Near Income Tax Circle; Ashram Road; Narangpura, Ahmedabad, Gujarat - 380009, India	-
2	90105063	04/04/2013 *	35,000,000.00	THE KARUR VYSYA BANK LIMITED	Motilal Chambers, Near Sales India, Income Tax, AShram Road, Navrangpura,, Ahmedabad, Gujarat - 380009, India	B75931287
3	90105795	19/03/2001	16,000,000.00	THE NARUR VYSYA BANK LIMITED	Motali Centre, Ashram Road, Ahmedabad, Gujarat - 380009, India	-

FIXED ASSETS

· Building

· Computer

· Plant and Machinery

· Vehicles

· Moulds

· Land

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.41
UK Pound	1	Rs.102.54
Euro	1	Rs.85.20

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.